Glass Wall Systems IPO is a mainboard book-building public issue with a total size of approximately ₹427.89 crore.
The issue combines a fresh issue of shares worth approximately ₹60 crore with an offer for sale of shares valued at approximately ₹367.89 crore.
The IPO is scheduled to open for subscription on 8 September 2026 and close on 10 September 2026. The equity shares are proposed to be listed on both NSE and BSE.
Glass Wall Systems IPO Details
Glass Wall Systems (India) Limited is coming up with a ₹427.89 crore book-building IPO. The public issue consists of both a fresh issue and an offer for sale.
The fresh issue comprises approximately 32.97 lakh equity shares aggregating to around ₹60 crore. The offer for sale consists of approximately 2.02 crore shares valued at around ₹367.89 crore.
The IPO price band has been fixed at ₹172 to ₹182 per share. Investors can apply for a minimum of 82 shares and thereafter in multiples of 82 shares.
At the upper price band of ₹182, the minimum amount required for one retail lot is ₹14,924.
Glass Wall Systems IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 8 September 2026 |
| IPO Close Date | 10 September 2026 |
| IPO Size | ₹427.89 Crore |
| Price Band | ₹172 to ₹182 per share |
| Face Value | ₹2 per share |
| Lot Size | 82 Shares |
| Issue Type | Book Building |
| Issue Structure | Fresh Issue + Offer for Sale |
| Listing Exchange | NSE and BSE |
| Market Cap at Upper Band | ₹1,600.42 Crore |
| Expected Allotment | 11 September 2026 |
| Refund / Unblocking | 15 September 2026 |
| Demat Credit | 15 September 2026 |
| Tentative Listing Date | 16 September 2026 |
Glass Wall Systems IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 2,35,10,425 | Up to ₹427.89 Cr |
| Fresh Issue | 32,96,703 | Up to ₹60 Cr |
| Offer for Sale | 2,02,13,722 | Up to ₹367.89 Cr |
Glass Wall Systems IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Tuesday, 8 September 2026 |
| IPO Closes | Thursday, 10 September 2026 |
| Allotment | Friday, 11 September 2026 |
| Refund / Unblocking | Tuesday, 15 September 2026 |
| Shares Credited to Demat | Tuesday, 15 September 2026 |
| Listing | Wednesday, 16 September 2026 |
Glass Wall Systems IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Retail Investors | Not less than 35% |
| Non-Institutional Investors (NII) | Not less than 15% |
Glass Wall Systems IPO Lot Size
The minimum application quantity for the Glass Wall Systems IPO is 82 shares. Investors can submit bids in multiples of the specified lot size.
| Investor Category | Lots | Shares | Investment at ₹182 |
|---|---|---|---|
| Retail Minimum | 1 | 82 | ₹14,924 |
| Retail Maximum | 13 | 1,066 | ₹1,94,012 |
| S-HNI Minimum | 14 | 1,148 | ₹2,08,936 |
| S-HNI Maximum | 67 | 5,494 | ₹9,99,908 |
| B-HNI Minimum | 68 | 5,576 | ₹10,14,832 |
About Glass Wall Systems (India) Ltd.
Glass Wall Systems (India) Limited is a façade solutions and fenestration company established in 2010. Its operations cover the Indian market as well as selected international markets, including the United States and Australia.
The company provides services and products across façade design, engineering, fabrication, supply, installation and EPC activities. Its customers include real estate developers, contractors, hospitals, airport authorities and corporate clients.
The business operates through three broad areas: domestic façade solutions, international façade product supply and fenestration solutions.
Its fenestration business includes customised windows, doors, skylights and partition systems targeted mainly at the premium segment. The company also operates through its subsidiary Yes Systems Private Limited, which was acquired in August 2025.
As of 31 March 2026, the company had completed more than 158 projects and employed approximately 370 permanent employees.
Glass Wall Systems Business Segments
- Domestic Façade Solutions: Design, engineering, fabrication, installation and EPC services for residential, commercial and institutional projects.
- International Façade Products: Supply of façade products and solutions to customers and contractors in overseas markets.
- Fenestration Solutions: Premium windows, doors, skylights and partition systems supplied through the company’s fenestration business.
Glass Wall Systems Business Strengths
- Experience in façade and fenestration solutions.
- Presence in both domestic and international markets.
- Completed projects across residential, commercial and institutional segments.
- Integrated capabilities covering design, engineering, fabrication and installation.
- Presence in the premium fenestration segment.
- Established relationships with developers, contractors and institutional clients.
- Low debt-to-equity ratio based on FY2026 financials.
Glass Wall Systems Financial Performance
Glass Wall Systems reported strong growth in total income and profit during FY2026. Total income increased to ₹471.43 crore in FY2026 from ₹288.14 crore in FY2025, while profit after tax increased to ₹83.79 crore from ₹57.51 crore.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Income | 471.43 | 288.14 | 310.26 |
| Profit After Tax | 83.79 | 57.51 | 20.25 |
| EBITDA | 105.20 | 73.01 | 54.70 |
| Net Worth | 261.58 | 175.75 | 122.60 |
| Total Borrowings | 6.68 | 8.46 | 24.85 |
| Assets | 468.38 | 316.63 | 281.76 |
Glass Wall Systems IPO Objects of the Issue
The company intends to use the net proceeds from the fresh issue primarily for capital expenditure and general corporate purposes.
| No. | Use of IPO Funds | Amount |
|---|---|---|
| 1 | Funding capital expenditure for establishing a glass processing unit as part of the planned backward integration at the Vile Bhagad facility. | ₹60.00 Cr |
| 2 | General corporate purposes. | Balance Amount |
| Total Fresh Issue Proceeds | ₹60.00 Cr | |
Glass Wall Systems IPO Key Performance Indicators
| KPI | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| ROE | 38.62% | 39.00% |
| ROCE | 43.01% | 43.39% |
| Debt/Equity | 0.03 | 0.05 |
| RoNW | 32.03% | 32.72% |
| PAT Margin | 18.34% | 20.66% |
| EBITDA Margin | 23.02% | 26.23% |
| NAV | ₹30.91 | ₹20.22 |
| Price to Book Value | 5.89x | 9.00x |
Glass Wall Systems IPO Valuation
At the upper IPO price of ₹182 per share, the company’s post-issue market capitalization is estimated at approximately ₹1,600.42 crore.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹9.90 | ₹9.53 |
| P/E | 18.38x | 19.10x |
| Market Capitalisation | ₹1,540 Cr | ₹1,600.42 Cr |
Glass Wall Systems Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | 64.11% | 55.72% |
| Public | 35.89% | 44.28% |
| Total | 100% | 100% |
Company Promoters: Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.
Glass Wall Systems IPO Offer for Sale
The OFS component allows existing shareholders to sell a portion of their holdings through the public issue. The proceeds from the OFS are received by the respective selling shareholders and are not part of the company’s fresh capital raised.
| Selling Shareholder | Category | Shares Offered | Approx. Amount |
|---|---|---|---|
| Jawahar Hariram Hemrajani | Promoter | 25,30,243 | ₹46.05 Cr |
| Eshan Jawahar Hemrajani | Promoter | 27,40,431 | ₹49.88 Cr |
| India Business Excellence Fund IIA | Corporate | 1,49,43,048 | ₹271.96 Cr |
| Total | 2,02,13,722 | ₹367.89 Cr |
Glass Wall Systems IPO Registrar & Lead Managers
IPO Registrar: MUFG Intime India Pvt. Ltd.
Book Running Lead Managers:
- IIFL Capital Services Ltd.
- Motilal Oswal Investment Advisors Ltd.
Glass Wall Systems (India) Ltd. Contact Details
Registered / Corporate Office:
503-504, 5th Floor, A Wing,
Marathon Futurex, Mafatlal Mills Compound,
N.M. Joshi Marg, Lower Parel (East),
Mumbai, Maharashtra – 400013
Phone: +91 22 6103 3456
Email: compliance@glasswallsystem.com
Glass Wall Systems IPO Quick Summary
Glass Wall Systems IPO is a mainboard public issue of approximately ₹427.89 crore. The IPO will open on 8 September 2026 and close on 10 September 2026.
The IPO price band is ₹172 to ₹182 per share and the minimum lot size is 82 shares. At the upper price band, one retail lot requires an investment of ₹14,924.
The issue comprises a fresh issue of approximately ₹60 crore and an OFS of approximately ₹367.89 crore. Shares are proposed to be listed on both NSE and BSE.
Glass Wall Systems IPO FAQs
Disclaimer
This article is intended for educational and informational purposes only. IPO investments are subject to market risks and the information presented above should not be considered investment advice. Investors should carefully read the company’s offer documents, including the RHP, and conduct their own research before making any investment decision.
